Two people have been captured in Ahmedabad for swindling individuals out of Rs 2.78 crore employing a ponzi plot.
The primary accused, Mahesh, allegedly ran various ponzi schemes in which victims; were also enticed to deposit a monthly installment amount as a ticket to participate; in a lucky draw or to obtain insurance coverage, according to police. Two people have also been captured in Ahmedabad for swindling individuals out of Rs 2.78 crore employing a ponzi plot.
Ahmedabad’s Crime Detection Branch Two founders of a financial company in Ahmedabad; were also detained on Wednesday for allegedly defrauding 495 individuals of Rs 2.78 crore over the course; of three years through various ponzi schemes.
Mahesh Bhadra, his son Chirag Bhadra, and also his wife Mamata Bhadra; residents of Nava Naroda in Ahmedabad and proprietors of Anand Enterprises finance company; have been charged with fraud in a FIR filed at Ahmedabad’s Detection of Crime Branch (DCB) police station.
We have detained Chirag, 29, and her mother Mamata, but Mahesh is still on the loose; a top police official at the Ahmedabad DCB stated.
The primary accused, Mahesh, allegedly ran various ponzi schemes; in which victims are also entice to deposit a monthly installment amount as a ticket to participate; in a lucky draw or to obtain insurance coverage, according to police.
According to investigators, the accused urged people to become “agents” for his company; and also to recruit investments in exchange for commissions through a pyramid-style ponzi scheme.
According to the victims in this case, a total of 18 agents deposited Rs 2.78 crore; with Anand Enterprises between 2018 and 2021, however no one received any money.
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Fenil Rathod, the complainant in this case, is an Anand Enterprises agent who used; to work as a pantry worker for the company.
Over the course of three years, I met 34 people and invested Rs 20.5 lakh in one of the plans; where each monthly commitment was Rs 1600 per person. “However, no lucky draw winner was notified; and the investors’ money are not re-paid as per the company’s terms,” Rathod claim in his complaint.
After taking cognizance, specialists charged the three litigants with criminal breach of believe beneath the Gujarat Assurance; of Depositors’ Interface Act, the Prize Chits and also Cash Circulation Plans (Prohibiting) Act, and IPC segments 406 and 407, respectively. For criminal breach of believe by a shipper, 420 for extortion, and 120b for criminal scheme; the punishments are 409, 420, and 120b, separately.
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